Research analysts who have asked questions during TORONTO DOMINION BANK earnings calls.
PH
Paul Holden
CIBC World Markets
7 questions for TD
Also covers: BMO, BNS, GRWTF +5 more
GD
Gabriel Dechaine
National Bank Financial
6 questions for TD
Also covers: , BMO, BNS +6 more
SM
Sohrab Movahedi
BMO Capital Markets
6 questions for TD
Also covers: BAM, BN, BNS +2 more
DY
Doug Young
Desjardins Capital Markets
5 questions for TD
Also covers: , BMO, BNS +7 more
Ebrahim Poonawala
Bank of America Securities
5 questions for TD
Also covers: , BK, BMO +30 more
JA
John Aiken
Jefferies Securities
5 questions for TD
Also covers: BMO, BNS, CM +3 more
DM
Darko Mihelic
RBC Capital Markets
4 questions for TD
Also covers: , BMO, BNS +4 more
LP
Lemar Persaud
Cormark Securities
3 questions for TD
Also covers: BMO, BNS, CM +3 more
Matthew James Lee
Canaccord Genuity Group
2 questions for TD
Also covers: BMO, BNS, RY
Meny Grauman
Scotiabank
2 questions for TD
Also covers: , BMO, CM +4 more
ND
Nigel D'Souza
Veritas Investment Research
2 questions for TD
Also covers: BNS, CM, GRWTF +2 more
Shalabh Garg
Veritas Investment Research Corporation
2 questions for TD
Also covers: BMO, CM
JG
Jill Glaser Shea
UBS
1 question for TD
Also covers: AFRM, BNS, RY +1 more
MR
Mehmed Rizvanovic
KBW Research
1 question for TD
Also covers: BMO, VBNK
Recent press releases and 8-K filings for TD.
TD Bank Receives Approval for New Share Buyback Program
TD
Share Buyback
- The Toronto-Dominion Bank (TD) has received regulatory approval for a new normal course issuer bid (NCIB) to repurchase for cancellation up to $7 billion of its common shares, not to exceed 61 million common shares.
- This new bid will commence on January 20, 2026, and is scheduled to terminate on the earliest of January 15, 2027, the date the aggregate purchase cost reaches $7 billion, or the date the maximum number of common shares is reached.
- TD has completed its previously announced NCIB, under which it repurchased $8 billion or 80,208,644 common shares at an average price of $99.74 per common share.
- The maximum number of shares that may be repurchased under the new bid represents approximately 3.64% of the public float as at January 9, 2026.
- As of October 31, 2025, the Bank's Common Equity Tier 1 ratio was 14.70%.
1 day ago
Toronto-Dominion Bank Issues Senior Medium-Term Notes
TD
Debt Issuance
- The Toronto-Dominion Bank issued a total of US$2,500,000,000 in Senior Medium-Term Notes on January 13, 2026, comprising US$1,000,000,000 of 3.913% Senior Medium-Term Notes, Series F, due 2028, US$600,000,000 of Floating Rate Senior Medium-Term Notes, Series F, due 2028, and US$900,000,000 of 4.411% Senior Medium-Term Notes, Series F, due 2031.
- These notes were issued under an Indenture dated June 30, 2006, and a First Supplemental Indenture dated September 24, 2018.
- Legal opinions from U.S. and Canadian counsel, Simpson Thacher & Bartlett LLP and McCarthy Tétrault LLP respectively, confirmed the validity and enforceability of the notes.
4 days ago
TD Bank Group Announces New Share Buyback Program
TD
Share Buyback
- TD Bank Group announced its intention to launch a new normal course issuer bid to repurchase for cancellation up to $7 billion of its common shares, not to exceed 61 million common shares.
- This new share buyback program will commence after the completion of the existing normal course issuer bid, under which TD had already repurchased approximately $7.53 billion of common shares as of December 31, 2025.
- The new bid represents up to 3.63% of the common shares issued and outstanding as of December 31, 2025, and is subject to regulatory and Toronto Stock Exchange approvals.
Jan 8, 2026, 1:50 AM
TD Bank Group Reports Strong Q4 2025 Momentum and Outlines 2026 Strategic Priorities
TD
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- TD Bank Group exited Q4 2025 with strong momentum, achieving number one year-on-year growth in Canadian personal deposits, credit cards, and residential mortgages, and CAD 2.2 billion in revenues for TD Securities.
- The company is executing a unit cost management strategy, leading to structural cost reductions, including a 21% decrease in mortgage adjudication costs from CAD 514 to CAD 390 per unit. A CAD 825 million restructuring charge will generate CAD 750 million in pre-tax annualized benefits.
- Strategic investments are focused on accelerating growth and increasing fee revenue, with plans to add 1,200 wealth advisors and 880 business bankers in Canada, and 500 wealth advisors and 200 commercial bankers in the U.S..
- For 2026, TD anticipates moderate Net Interest Margin (NIM) expansion in the U.S. and potential NIM expansion in Canada's second half, while committing to Investor Day targets for EPS, ROE, cost management, and returning excess capital to shareholders.
Jan 6, 2026, 6:20 PM
TD Bank Reports Strong Q4 2025 Momentum and Outlines 2026 Strategic Priorities
TD
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- TD Bank reported better-than-anticipated momentum exiting Q4 2025, with Canadian Personal Banking leading in personal deposit, credit card, and RESL growth, and Direct Investing seeing 27% account growth and 37% trade growth year-on-year. TD Securities achieved CAD 2.2 billion in revenues in Q4 2025.
- The bank is implementing an aggressive unit cost management strategy, reducing mortgage adjudication costs by 21% to CAD 390 per unit in 2025 from two years prior. A CAD 825 million restructuring charge, concluding Q1 2026, is expected to generate CAD 750 million in pre-tax annualized benefits. AI initiatives are projected to deliver $1 billion in value over the medium term.
- TD plans significant investments in frontline distribution, adding 1,200 wealth advisors, 880 business bankers, and 1,000 specialists in Canada, alongside 500 wealth advisors and 200 commercial bankers in the U.S. over the next three years to accelerate growth and increase fee revenue.
- For 2026, the bank anticipates moderate Net Interest Margin (NIM) expansion in the U.S. and potential expansion in Canada. AML remediation in the U.S. remains the top priority, while the U.S. Bank and TD Securities are focused on achieving a 13% medium-term Return on Equity (ROE) target.
Jan 6, 2026, 6:20 PM
TD Bank Group Discusses Q4 2025 Momentum, Cost Management, and 2026 Outlook
TD
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- TD Bank Group experienced better-than-anticipated momentum exiting Q4 2025, with strong year-on-year growth in Canadian Personal Banking (number one in personal deposit, credit card, and RESL growth), 27% account growth in Direct Investing, and TD Securities achieving CAD 2.2 billion in revenues in Q4.
- The company is implementing structural cost reductions through unit cost management, AI, and automation, with examples like mortgage adjudication costs decreasing by 21% from CAD 514 to CAD 390 by 2025. A CAD 825 million restructuring charge in 2025 is expected to generate CAD 750 million in pre-tax annualized benefits, completing by the end of Q1 2026.
- TD Bank aims to increase fee revenue by investing in TD Securities, Wealth Management, and TD Insurance, with TD Insurance achieving 50% digital policy underwriting in 2025. The U.S. commercial and small business banking segments are targeted for growth with a focus on ROE management, with TD Securities' Q4 ROE reaching 12.6%.
- Moderate Net Interest Margin (NIM) expansion is anticipated in the U.S. for Q1 2026 and beyond, with two rate reductions in the U.S. factored into the plan, while Canada expects stable NIM in H1 2026 and potential expansion in H2. The company is committed to delivering on EPS, ROE, and cost management targets set at Investor Day for 2026.
Jan 6, 2026, 6:20 PM
TD Bank Group Reports Fourth Quarter and Fiscal 2025 Results
TD
Earnings
M&A
Legal Proceedings
- TD Bank Group reported adjusted diluted earnings per share of $2.18 for the fourth quarter of fiscal 2025, an increase from $1.72 in the prior year, and adjusted net income of $3,905 million, up 22%. For the full fiscal year 2025, adjusted diluted EPS was $8.37 and adjusted net income was $15,025 million.
- On February 12, 2025, the Bank sold its entire remaining equity investment in The Charles Schwab Corporation, generating $21.0 billion (US$14.6 billion) in proceeds and recognizing a net gain on sale of $8.6 billion (US$5.8 billion).
- The Bank executed significant U.S. balance sheet restructuring activities in fiscal 2025, including the sale of US$31.9 billion of bonds and the reduction of assets by $22 billion in non-scalable or non-core U.S. loan portfolios, resulting in aggregate pre-tax losses of US$2,128 million from October 10, 2024, through October 31, 2025.
- Canadian Personal and Commercial Banking delivered a strong fourth quarter, with net income of $1,865 million, an increase of 2% compared to the prior year, and record revenue of $5,305 million, up 5% year-over-year.
Dec 4, 2025, 10:20 PM
TD Bank Group Announces Strong Q4 2025 Results and Fiscal 2026 Targets
TD
Earnings
Guidance Update
Share Buyback
- TD Bank Group reported strong Q4 2025 earnings of CAD 3.9 billion and EPS of CAD 2.18, contributing to fiscal 2025 earnings growth of 5% and EPS growth of 7% year over year.
- The company delivered positive operating leverage in Q4 and is on track to achieve 3%-4% expense growth and positive operating leverage in fiscal 2026.
- TD expects to achieve 6%-8% EPS growth and 13% ROE targets for fiscal 2026, with potential upside from strong business momentum and favorable macroeconomic conditions.
- Shareholder returns include a CAD 0.03 dividend increase to CAD 1.08 per share, and the company is over three-quarters through its CAD 8 billion share buyback, with plans for a new CAD 6 billion-CAD 7 billion buyback program.
- The restructuring program is nearing completion, with annual run rate savings now estimated at approximately CAD 750 million pre-tax.
Dec 4, 2025, 2:30 PM
TD Reports Strong Q4 2025 Results and Provides Optimistic Fiscal 2026 Outlook
TD
Earnings
Guidance Update
Share Buyback
- TD reported Q4 2025 earnings of CAD 3.9 billion, EPS of CAD 2.18, and ROE up 110 basis points year over year, contributing to 5% earnings growth for fiscal 2025.
- The company expects to achieve 6%-8% EPS growth and a 13% ROE for fiscal 2026, with potential for upside.
- TD announced a CAD 0.03 dividend increase, bringing the dividend to CAD 1.08 per share. The bank is nearing completion of its current CAD 8 billion share buyback by Q1 2026 and plans to initiate a new CAD 6 billion-CAD 7 billion share buyback.
- Significant progress was made in U.S. AML remediation, with the majority of U.S. management remediation actions completed in 2025, and balance sheet restructuring created $52 billion of capacity against the asset limitation.
- TD delivered positive operating leverage in Q4 2025 and is on track to deliver 3%-4% expense growth and positive operating leverage in fiscal 2026.
Dec 4, 2025, 2:30 PM
TD Bank Faces Lawsuit Over Alleged Discrimination Amid AML Scandal
TD
Legal Proceedings
Layoffs
- Toronto-Dominion Bank (TD) is facing a class-action lawsuit from former Chinese and Chinese-American employees who allege they were unfairly targeted and fired during a U.S. investigation into the bank's anti-money laundering (AML) failures.
- The lawsuit claims TD disproportionately enforced its compliance program on Chinese-origin staff, particularly in branches serving the Chinese community, and misunderstood traditional Chinese financial practices as grounds for suspicion.
- This legal action follows TD's 2024 guilty plea for conspiracy to commit money laundering, which resulted in $3.1 billion in penalties and restrictions on its U.S. expansion.
- More than 22 employees of Chinese or Chinese-American descent were fired in New York's Chinatown branches, with plaintiffs arguing they were scapegoated for broader money laundering activities.
Nov 20, 2025, 12:15 AM
Quarterly earnings call transcripts for TORONTO DOMINION BANK.
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